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Insurer Investment Forum XII The Regulatory Focus on Your Investment Process

Insurer Investment Forum XII The Regulatory Focus on Your Investment Process. March 28, 2012 Edward L. Toy Financial Regulatory Affairs – International Policy and Market Surveillance Director, NAIC Capital Markets Bureau. Capital Markets Bureau. October 2010

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Insurer Investment Forum XII The Regulatory Focus on Your Investment Process

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  1. Insurer Investment Forum XIIThe Regulatory Focus on Your Investment Process March 28, 2012 Edward L. Toy Financial Regulatory Affairs – International Policy and Market Surveillance Director, NAIC Capital Markets Bureau

  2. Capital Markets Bureau • October 2010 • New York office reorganized and renamed – Capital Markets and Investment Analysis Office • Capital Markets Bureau formed • Financial Regulatory Affairs • International • Federal

  3. CMB Support Functions • Investment Analysis Reports • Detailed Asset Reviews • Derivatives Use Plan Reviews • On-Site Examination Support • On-Site Investment Seminars/Training • Daily Newsletter • Special Reports • Hot Spots • Capital Markets Conference Calls

  4. Special Report Index

  5. Special Report Index

  6. Special Report Index

  7. Special Report Index

  8. What keeps us up at night? • Derivatives Exposure • Financial Institutions • European (non-US) • Greece, Spain, Portugal, Italy, Ireland • Low Interest Rates • Structured Securities (RMBS, CMBS, etc.) • Municipal Bonds

  9. Systemic Risk • Systemically Important Financial Institutions • Financial Stability Oversight Council • Global Systemically Important Financial Institutions • International Association of Insurance Supervisors • Legal Entity Identifier • Financial Stability Board

  10. Dodd-Frank • Volker Rule • Exemption for Insurance Company General and Separate Accounts • Covered Funds • Title VII – Derivatives • Insurance Contracts • Centralized Clearinghouses • Nationally Recognized Statistical Rating Organizations (NRSROs) in Federal Regulation • Federal Insurance Office

  11. Current Initiatives • C1 Factor Review Subgroup • Mortgage RBC (Life RBC) • Replacing the Mortgage Experience Adjustment Factor • Derivative Investment Reporting Subgroup • Schedule DB enhancements

  12. Solvency Modernization Initiative (SMI) • Group Solvency • Corporate Governance • Principles Based Reserving • International Solvency and Accounting Standards • Own Risk and Solvency Assessment (ORSA)

  13. About the NAIC The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.

  14. Edward L. Toy Director, NAIC Capital Markets Bureau (212) 386-1974 etoy@naic.org

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